Silicon Valley Bank is financing a 110-MW national solar project portfolio across six states that will be developed by independent power producer Soltage. Projects are slated for North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.
“Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment,” said Sripradha Ilango, Soltage CFO. “We are pleased to continue to bring to market high-quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonization priorities.”
Construction is underway on 10 projects and will be staged over the next three quarters. Customers purchasing electricity from the projects include Investor Owned Utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.
Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set.
“We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance,” said Bret Turner, market manager at Silicon Valley Bank. “Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country.”
Soltage has deployed over $1B into clean energy assets across the United States since its founding in 2005.
